Halozyme (HALO)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$125.63+0.88%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Halozyme’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	537.59M
EPS	—	2.557
FY 2026 · Annual
Revenue	—	1.88B
Royalty revenue	$1.22B–$1.25B	—
EPS	$8.65–$9non-GAAP	8.615
EBITDA	$1.23B–$1.28Bnon-GAAP	—
FY 2027 · Annual
Revenue	—	2.1B
EPS	—	10.408

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash from operations growth to support investments	Cash from operations strengthens to $180M, supporting growth and investments.	Improving	Cash from operations falls below $180M in FY26	Cash from operations: $240.891M FY2026-Q2; GAAP. Published target: Sustain or grow cash from operations above $180M through FY26. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026240,891,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Stable management execution despite COO departure	A supporting condition in Halozyme's published investment case. The stated target is Maintain stable execution and meet guidance in next quarters.	Improving	Further key management departures or failure to meet guidance	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating income improvement to support profit growth	Profit improves with operating income rising to $184M by Q1 2026.	Improving	Operating income growth stalls or declines below prior trend in FY26	Operating income: $287.654M FY2026-Q2; GAAP. Published target: Operating income growth consistent with prior trend through FY26. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026287,654,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 079081e9-e903-4c50-b3f9-be060f990bbb. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Operating income improved from $202.4 million in 2025-Q2 to $287.7 million in 2026-Q2, and from $141.5 million in 2025-Q1 to $184.5 million in 2026-Q1. Despite a loss in 2025-Q4 due to acquisition expenses, the trajectory shows recovery and growth, indicating progress on enhancing operating income. Delivery assessment Oct 24, 2026
Annual revenue growth reaching ~21% in FY26	A primary condition in Halozyme's published investment case. The stated target is >=20.9% YoY revenue growth.	Intact	YoY revenue growth falls below ~20.9% in FY26	Revenue growth: 47.67% FY2026-Q2; GAAP. Published target: >=20.9% YoY revenue growth. Target period is not explicitly aligned with this observation. Source published Aug 6, 202647.672994 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 079081e9-e903-4c50-b3f9-be060f990bbb. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Total revenue grew from $325.7 million in 2025-Q2 to $481.0 million in 2026-Q2 (+48% YOY), and royalty revenue grew from $205.6 million to $307.7 million (+50% YOY). Full year 2025 revenue was $1.397 billion, up 38% from 2024, with royalty revenue up 52%. Management has consistently raised guidance and signed new collaborations, delivering strong growth. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

Unavailable → Unavailable · observed estimates

FY2027 revenue$2.10B

$2.01B → $2.10B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$2,005,636,237	4 / 7
2026-07-25	$9.99	$2,004,518,290	5 / 8
2026-07-26	$9.99	$2,004,518,290	5 / 8
2026-07-27	Unavailable	$2,004,526,867	4 / 6
2026-07-28	Unavailable	$2,004,526,867	4 / 6
2026-07-29	Unavailable	$2,004,526,867	4 / 6
2026-07-30	$9.99	$2,004,518,290	5 / 8
2026-07-31	Unavailable	$2,004,526,867	4 / 6
2026-08-01	Unavailable	$2,004,526,867	4 / 6
2026-08-02	$9.99	$2,004,518,290	5 / 8
2026-08-03	Unavailable	$2,004,526,867	4 / 6
2026-08-04	$9.99	$2,004,518,290	5 / 8
2026-08-05	$9.99	$2,004,518,290	5 / 8
2026-08-06	$9.99	$2,004,518,290	5 / 8
2026-08-07	Unavailable	$2,004,526,867	4 / 6
2026-08-08	$10.19	$2,030,331,910	5 / 8
2026-08-09	$10.19	$2,030,331,910	5 / 8
2026-08-10	$10.19	$2,030,331,910	5 / 8
2026-08-12	$10.39	$2,050,671,910	5 / 8
2026-08-13	$10.39	$2,050,671,910	5 / 8
2026-08-14	Unavailable	$2,004,526,867	4 / 6
2026-08-15	Unavailable	$2,004,526,867	4 / 6
2026-08-16	Unavailable	$2,004,526,867	4 / 6
2026-08-17	Unavailable	$2,004,526,867	4 / 6
2026-08-18	Unavailable	$2,004,526,867	4 / 6
2026-08-19	Unavailable	$2,004,526,867	4 / 6
2026-08-20	Unavailable	$2,050,680,490	4 / 6
2026-08-21	Unavailable	$2,050,680,490	4 / 6
2026-08-22	Unavailable	$2,050,680,490	4 / 6
2026-08-23	Unavailable	$2,050,680,490	4 / 6
2026-08-24	Unavailable	$2,050,680,490	4 / 6
2026-08-25	Unavailable	$2,050,680,490	4 / 6
2026-08-26	Unavailable	$2,050,680,490	4 / 6
2026-08-27	Unavailable	$2,050,680,490	4 / 6
2026-08-28	Unavailable	$2,050,680,490	4 / 6
2026-08-29	Unavailable	$2,050,680,490	4 / 6
2026-08-30	Unavailable	$2,050,680,490	4 / 6
2026-08-31	Unavailable	$2,050,680,490	4 / 6
2026-09-01	Unavailable	$2,050,680,490	4 / 6
2026-09-02	Unavailable	$2,050,680,490	4 / 6
2026-09-03	Unavailable	$2,050,680,490	4 / 6
2026-09-04	Unavailable	$2,050,667,027	4 / 6
2026-09-05	Unavailable	$2,050,667,027	4 / 6
2026-09-06	Unavailable	$2,050,667,027	4 / 6
2026-09-07	Unavailable	$2,050,667,027	4 / 6
2026-09-08	Unavailable	$2,050,667,027	4 / 6
2026-09-09	Unavailable	$2,050,667,027	4 / 6
2026-09-10	Unavailable	$2,050,667,027	4 / 6
2026-09-11	Unavailable	$2,050,305,490	4 / 6
2026-09-12	Unavailable	$2,050,305,490	4 / 6
2026-09-13	Unavailable	$2,050,305,490	4 / 6
2026-09-14	Unavailable	$2,050,305,490	4 / 6
2026-09-15	Unavailable	$2,050,305,490	4 / 6
2026-09-16	Unavailable	$2,050,305,490	4 / 6
2026-09-17	Unavailable	$2,050,305,490	4 / 6
2026-09-18	Unavailable	$2,050,305,490	4 / 6
2026-09-19	Unavailable	$2,050,305,490	4 / 6
2026-09-20	Unavailable	$2,050,305,490	4 / 6
2026-09-21	Unavailable	$2,050,305,490	4 / 6
2026-09-22	Unavailable	$2,050,305,490	4 / 6
2026-09-23	Unavailable	$2,050,305,490	4 / 6
2026-09-24	Unavailable	$2,050,305,490	4 / 6
2026-09-25	Unavailable	$2,050,305,490	4 / 6
2026-09-26	Unavailable	$2,050,305,490	4 / 6
2026-09-27	Unavailable	$2,050,305,490	4 / 6
2026-09-28	Unavailable	$2,050,305,490	4 / 6
2026-09-29	Unavailable	$2,050,305,490	4 / 6
2026-09-30	Unavailable	$2,050,305,490	4 / 6
2026-10-01	Unavailable	$2,050,305,490	4 / 6
2026-10-02	Unavailable	$2,050,305,490	4 / 6
2026-10-03	Unavailable	$2,050,305,490	4 / 6
2026-10-04	Unavailable	$2,050,305,490	4 / 6
2026-10-05	Unavailable	$2,050,305,490	4 / 6
2026-10-06	Unavailable	$2,050,305,490	4 / 6
2026-10-07	Unavailable	$2,050,305,490	4 / 6
2026-10-08	Unavailable	$2,050,667,027	4 / 6
2026-10-09	Unavailable	$2,071,794,528	3 / 6
2026-10-10	Unavailable	$2,071,794,528	3 / 6
2026-10-11	Unavailable	$2,071,794,528	4 / 6
2026-10-12	Unavailable	$2,071,794,528	4 / 6
2026-10-13	Unavailable	$2,071,794,528	4 / 6
2026-10-14	Unavailable	$2,090,042,027	4 / 6
2026-10-15	Unavailable	$2,090,042,027	4 / 6
2026-10-16	Unavailable	$2,100,667,027	4 / 6
2026-10-17	Unavailable	$2,100,667,027	4 / 6
2026-10-18	Unavailable	$2,100,667,027	4 / 6
2026-10-19	Unavailable	$2,100,667,027	4 / 6
2026-10-20	Unavailable	$2,100,667,027	4 / 6
2026-10-21	Unavailable	$2,100,667,027	4 / 6
2026-10-22	Unavailable	$2,100,667,027	4 / 6
2026-10-23	Unavailable	$2,100,667,027	4 / 6
2026-10-24	Unavailable	$2,100,667,027	4 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	6	3	1
2026-06-01	6	3	1
2026-07-01	6	3	1
2026-08-01	7	3	0
2026-09-01	7	2	0
2026-10-01	7	2	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 2 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Stifel NicolausOct 16

$130.00New observation · no comparable prior

H.C. WainwrightOct 8 · prior Aug 7

$115.00 → $130.00+13.0%

$0$71.50$143.00

1 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operations growth to support investmentsCash from operations: $240.891M
Stable management execution despite COO departureQualitative condition
Operating income improvement to support profit growthOperating income: $287.654M
Annual revenue growth reaching ~21% in FY26Revenue growth: 47.67%

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.2%Typical daily move · historical

Downside history

-24.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Halozyme outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth-oriented healthcare business with strong recent financial performance and a favorable sector backdrop. The long-term thesis is intact, but management execution has been volatile and the evidence snapshot gives medium confidence.

What's priced into Halozyme

The valuation is described as justified, with no fragility warning, and the model places HALO at a premium to peers. Expectations appear broadly aligned with the evidence, though the reported expectations-gap measure is negative; the snapshot does not explain its scale or meaning in plain terms.

What the fundamentals likely do

Near-term fundamentals have strong support: second-quarter 2026 revenue and royalty revenue grew 48% and 50% year over year, and management has repeatedly raised guidance. Share repurchases are also underway, while acquisitions are expanding the delivery-technology portfolio and adding to research and amortization costs. The next report remains a watch point because recent quarters have had misses, and reversing recently raised guidance would damage credibility.

What Halozyme hinges on

The multi-year thesis depends on continued revenue growth and management delivering on guidance while integrating its acquisitions. Near-term risk rises if guidance is cut or employment data weakens further, which could weigh on healthcare names. Continued earnings strength and higher guidance from sector peers would support the sector backdrop.